Investment Advisor/Manager: These professionals are responsible for managing the investment portfolios of the clients and ensuring their wealth grows.
Typical salary range of $80,000 to $250,000.
Wealth Strategist: They help families create and implement a wealth plan that aligns with their long-term goals and values.
Typical salary range of $150,000 to $300,000.
Tax Specialist: These professionals help clients with tax planning, compliance and preparation.
Typical salary range of $70,000 to $200,000.
Estate Planner: They help clients with estate planning, including will preparation and asset distribution.
Typical salary of $100,000 to $250,000.
Philanthropy Advisor: They assist clients in identifying their charitable goals and help them to implement them.
Typical salary range of $70,000 to $200,000.
Operations Manager: They are responsible for the day-to-day operations of the Family Office and ensure the smooth running of its various departments.
Typical salary of $80,000 to $200,000.
Compliance Officer: They ensure that the Family Office complies with all relevant regulations and laws.
Typical salary range of $70,000 to $150,000.
Human Resource Manager: They are responsible for managing the HR functions of the Family Office and ensuring that employees are well taken care of.
Typical salary of $80,000 to $200,000.
Marketing & Communications Manager: They are responsible for promoting the brand and services of the Family Office and building relationships with clients.
Typical salary range of $70,000 to $200,000.
Chef: A professional chef is responsible for preparing meals for the family, entertaining guests and ensuring that their dietary needs are met.
Typical salary range of $50,000 to $150,000.
Gardener: They maintain the grounds and gardens of the property, ensuring that they are always in pristine condition.
The typical salary of $40,000 to $100,000.
Childcare Provider: They are responsible for the care and upbringing of the children in the family, including schooling, extracurricular activities and providing a safe and nurturing environment.
Typical salary range of $40,000 to $150,000.
Personal Assistant: They provide administrative and personal support to the family, including scheduling appointments, managing emails and ensuring that their daily needs are met.
Typical salary range of $50,000 to $150,000.
Housekeeper: They maintain the cleanliness and organization of the family's residence, ensuring that everything is in order.
Typical salary range of $30,000 to $70,000.
Driver: They are responsible for transporting the family and guests, ensuring that they arrive at their destination safely and on time.
Typical salary of $40,000 to $100,000.
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Protecting wealth is traditionally the raison d'etre of the FO, it involves:
β’ Creating trusts and other legal structures, to preserve wealth within the family and shielding it from outsiders, former spouses, tax authorities
β’ Continuous monitoring of investments and the market to identify and mitigate potential dangers
β’ Implementing diversification strategies
Deloitte Private released a major family office report this week
8 key takeaways
Some truly mind-blowing numbers ββ
1. Family office expansion explodes
β’ 8,030 single family offices globally today, up from 6,130 in 2019 (31% increase)
β’ Projected growth: 12% to 9,030 family offices next year
β’ Expected increase of 33% to 10,720 family offices by 2030
β’ This represents a 75% increase over a 10-year period
2. Family offices are becoming an economic powerhouse
β’ In 2019, total wealth for families with family offices was $3.3 trillion
β’ Today, it stands at $5.5 trillion (67% increase over five years)
β’ Projected growth: $6.9 trillion by 2025 (26% increase)
β’ $9.5 trillion by 2030 (73% increase from today, 189% increase from 2019)
β’ Family offices' total AUM is $3.1 trillion today, expected to rise to $5.4 trillion by 2030 (73% increase)
β’ North America is projected to see the greatest increase in family wealth and AUM, with a 258% rise by 2030, followed by Asia Pacific at 208%
Background: investment management, financial analysis, or related fields. They may come from investment banks, asset management firms, or other family offices
Investment Analysts
Conduct research and analysis to support investment decisions
Less than $1 billion: $134,250 - $189,714
$1bn - $2.49 billion: $137,325 - $190,750
More than $2.5 billion: $165,625 - $209,003
Background: finance, economics, or related fields, with strong analytical and research skills. Often hired from investment banks, asset management firms, or other research-focused roles
Directs the overall operations of the family office, setting strategic objectives, and ensuring alignment with the family's goals. Typically, the higher the AUM, the more likely the CEO will be a non-family member
Background: CEOs often come from executive leadership roles in corporations, private banks, investment firms, or other family offices. They should bring experience in strategic planning and operations management
Chief Financial Officer (CFO)
Manages financial planning, reporting, liquidity and risk management
Background: Accounting and finance is pretty much essential. Must tick the usual boxes: financial reporting, budgeting, tax planning, and regulatory compliance. Family offices seem to like hiring CFOs from Big 4 accountants, big corporations or other family offices